All Forum Posts by: Frantzy Louis

You should put a more comprehensive Excel together and look up local owners within 30-40 mile radius of the area using public records and start dialing. Keep in mind the next 2 weeks will be very slow as commercial brokers/owners are off for the season.

Thanks for the feedback Lien

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Quote from @Mike Swenson:

What would be the plan to improve the 40% vacancy? What other property management opportunities would be available as I'm assuming a new buyer wouldn't want to stick with the current PM running at 40% vacancy. Does the population growth and local economy support drastically improving the vacancy? Those would be some of the questions I'd be looking to have addressed before showing significant interest before I'd put a lot of stock in the future potential growth opportunity of the property.

Hope that helps!

Hey Mr Mike my plan is wholesale the property. But I would assume the new owner would want to upgrade the building and put new management in place.

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Quote from @Chris Seveney:

@Frantzy Louis

Have you visited and walked the property?

Hey @Chris, I’ve had a local property manager walked the property for me.

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I really appreciate the feedback Mr Mohammed Rahman.

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Quote from @Taylor L.:

Light rehab with a potential 3x in rent seems unlikely. You've posted gross, but not net incomes, and values are based on NOI. 40% vacancy is incredibly high, any buyer will have a difficult time obtaining bank financing.

Stockton is also a small market, so the potential buyer pool will be pretty limited.

Hey Taylor thanks for the feedback, but I meant to say moderate rehab not light, the units are in good condition but the roof is 30yrs old.

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Scott, the current cap rate is about 8%. That’s with over 40% vacancy and rents on low end.

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GM all. I just locked down a 64 unit in Stockton TX. I find it very hard to find a buyer for it, I’ve been marketing it for a week and I haven’t met any serious buyers.

And I'm convinced that the deal is good. It's a 64 units, located in Stockton TX, light rehab, asking is 2.460m, Current Monthly Rent: $25,250 Potential Monthly Rent: $79,000, potential cap rate is 25%, ARV is 9m if you sell at 7% cap rate. A great value add on opportunity overall.

This is my first dealing with a deal as big as this, I’ve work with 10+ units but not 60+. I’ve known the owner for quite some time and I don’t want to let him down, he’s old and is motivated to sell. If you know anyway I can go about finding serious syndicators for this deal please share your thoughts. Thank you in advance.

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All Forum Posts by: Frantzy Louis

Frantzy Louis has started 3 posts and replied 11 times.

Post: Looking for a DCSR lender

Post: Looking for a DCSR lender

Post: Looking for a DCSR lender

Post: How to find good syndicators for a 64 unit

Post: How to find good syndicators for a 64 unit

Post: How to find good syndicators for a 64 unit

Post: How to find good syndicators for a 64 unit

Post: How to find good syndicators for a 64 unit

Post: How to find good syndicators for a 64 unit

Post: How to find good syndicators for a 64 unit